Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices edged down by £16-19/mt ($22-26/mt) to £229/mt and £226/mt delivered dockside, respectively, on Tuesday.
UK dockside ferrous scrap buyers followed through with last week’s warnings that they would reduce purchase prices in response to weaker export demand.
Turkish HMS 1&2 (80:20) import prices have dropped by $42.50/mt from their Jan 12 peak of $482.50/mt to the current trough of $440/mt cfr Turkey.
One UK-based merchant supplier seemed accepting of the recent price cuts, saying “dockside prices didn’t go up as much as seaborne, so they haven’t come down as much.”
Another independent British bulk exporter exclaimed that the major processors had managed the situation well, given that export markets were “not that depressed” to warrant local price cuts.
The weekly indexes for north and south UK OA (Plate & Structural) fell by £22-30/mt over the same period to £248/mt and £240/mt delivered dockside, respectively, on Jan 26.
Davis’ north and south UK 5A/5C (frag feed) ferrous scrap indices declined £21-29/mt to £151/mt and £143/mt delivered dockside, respectively, over the past week.
(£1 = $1.37)